Mario Party 3 é o terceiro e último título de Mario Party para o Nintendo 64. Um total de oito personagens estão disponíveis para escolher: Mario, Luigi, Princesa Peach, Yoshi, Wario, Donkey Kong e os recém-chegados Waluigi e Princesa Daisy. Mario Party 3 apresenta mapas de duelo, nos quais dois jogadores tentam reduzir a resistência um do outro a zero usando personagens não jogáveis, como Chain Chomps. É o primeiro jogo de Mario Party a apresentar a voz principal de Luigi e também é o último jogo de Mario em que a Princesa Daisy aparece em um vestido amarelo e branco, e com cabelos compridos, bem como o último jogo de Mario (até New Super Mario Bros. Wii) em que a voz "arranhadora" de Yoshi é usada. É também o primeiro jogo Mario Party a ter vários slots de salvamento.

A Star is Born: In the center of the vast universe, a remarkably bright star was born. It was the star that is born only once in a thousand years, the Millennium Star. According to the legend, whoever possessed the mystical star was destined to become the Superstar of the universe. However since the Millennium Star was but a newborn, it fell from the starry sky. Around that time, Mario and his friends were all happily relaxing when suddenly the Millennium Star came crashing down. Mario and his friends soon began arguing about who should keep the Millennium Star. Suddenly, the Millennium Star gave off a brilliantly bright flash of light. And with that bright flash, Mario and his friends were transported into a toy box! "Greetings. I am the Millennium Star. You must pass my test to prove yourself worthy of possessing me. You must journey across many lands and collect the Star Stamps. If you can collect all seven, I shall accept you as the top Superstar in the universe." Who will collect the seven Star Stamps and become the universe's top Superstar?